TUSIAD President’s Statement on the New Economic Program

TUSIAD PRESIDENT EROL BILECIK: “WE EXPECT THAT THE NEW ECONOMIC PROGRAM DELIVERS CONCRETE RESULTS SWIFTLY”

The New Economic Program announced by the Treasury and Finance Minister Berat Albayrak contains realistic targets. In particular, we welcome increased austerity measures, the continuation of fiscal discipline, the fight against the informal economy, tax policies, support for high-value added production, and the commitment to reducing the current account deficit. We hope that the program will implemented fully and that concrete results will be achieved quickly.

As stated in the program, the priority is to ensure the stability of our financial system. It is important to take all necessary measures, including restructuring mechanisms, to maintain the strength of our banks. A strong financial system is essential for preserving the real sector’s contributions to production, employment and growth.

Furthermore, it is important to:

Maintain tight monetary policy and prioritize combatting inflation;

Overcome economic problems by adhering to the principles of a free market economy;

Expand rule of law and freedoms, which are important for the investment climate, to levels consistent with advanced democracies;

Pursue Turkey’s European integration process through the modernization of the Customs Union.

The business community will continue to work to further these objectives for the success of the New Economic Program.